FBMKLCI
1771.89pts -3.25pts (-0.18%)
Volume 1.170b Value RM1.799b
1) The KLCI rose in early trade but quickly loss its
momentum as the market saw choppy trade throughout the day. This bucked the
global bourses which were positive behind better US ISM data and EUROPE
manufacturing data. Regional market ASX +2.63% closed higher after RBA put
interest rate cut on hold but kept doors open for another rate cut. In the
local market COMSUMER-0.54% were the biggest loser weighed down by BAT -2.44%
and UMW -2.17%. Market breadth was negative with losers edging gainers by 364 :
334. Futures closed 1774.5 (3pts premium)
2) Heavyweights : GENTING -1.73% RM10.20, CIMB -0.72%
RM8.23, SIME -0.84% RM9.52, HLBANK -2.79% RM13.90, BAT -2.44% RM60.00, UMW
-2.17% RM14.44, PETGAS +1.53% RM21.22, AMBANK +1.89% RM7.52
3) DBT : TALIWRK 16.37mil @ RM0.90 (3.75% PUC), ASDION
15.968mil @ RM0.30 (24.04% PUC @ 6.2% discount), CONNECT 13.138mil @ RM0.10
(8.41% PUC).
4) Situational:-
CBIP +2.26% RM2.72 - CBIP accepted a letter of award from
Felda Palm Industries for a continuous sterilization mill project worth
RM15.8m, which involves mechanical and electrical works for upgrading to
continuous sterilization system for Felda's palm oil mill in Lepar Hilir,
Pahang.
5) PANTECH : announced that its wholly owned subsidiary,
Pantech Stainless & Alloy Industries Sdn Bhd ("PSA") will be one
of the companies that may be affected should the US International Trade
Administration of the US Department of Commerce follows through the
anti-dumping suit. The Administration has voted on 28 June 2013 to continue
with the anti-dumping suit on welded stainless steel pipes from Malaysia,
Vietnam and Thailand; Mildly -ve to neutral. Group anticipates the anti-dumping
suit to have minimal impact on the Group's performance, at less than 3% of its
FY2014 revenue. Out of PSA's capacity of 1,000 tonnes per month, it exports
only 300 tonnes (30%) of stainless steel pipes per month to the U.S. The
remaining 70% of the production are not affected by the anti-dumping suit.
Group has also begun mitigation activities by increasing production of
stainless steel fittings by threefold by the second half of financial year
ending 28 February 2014. Pantech's trading and manufacturing divisions will
continue to be buoyed by the: 1) rising project flows into the oil and gas
sector; and 2) contributions from new markets with its purchase of Nautic
Steels.
6) Market: Likely to consolidate sideways as the KLCI
index stalled around resistance levels at 1780/1782 while lower liners
continued their negative bias.